会计稳健性缓解抑或加剧技术资本非效率配置?——基于我国沪深A股上市公司微观证据

Does Accounting Conservatism Ease or Intensify Technical Capital Inefficient Allocation?——Micro-financial Evidence Based on China's Listed Companies in Shanghai and Shenzhen Stock Companies

稳健性是会计政策制定的原则与导向,会计政策选择会造成不同的经济后果。技术资本非效率配置作为微观企业的经济后果,是否与会计稳健性存在某种关联?以2008-2014年沪深两市上市公司为样本,运用系统广义GMM和Richardson(2006)的效率残差模型对会计稳健性与技术资本配置关系进行了理论分析和检验,研究发现:会计稳健性会抑制企业技术资本投入;技术资本存在非效率配置;会计稳健性对技术资本配置效率影响具有两面性,既能够缓解技术资本过度配置,也会加剧技术资本配置不足;不同产权性质、市场化进程及行业下二者关系有所差异。

Conservatism is the principle and orientation of accounting policy making.Accounting policy choice will cause different economic consequences.Whether the technology capital non-efficiency allocation as the economic consequence of micro enterprise is related to accounting conservatism?Based on the data of 2008—2014 listed companies in China,this paper uses GMM and the model of Richardson(2006)to analyze the theoretical relationship between conservatism and technical capital allocation.The results show the accounting conservatism is negatively correlated with the investment of technical capital.Technology capital of listed companies has the non efficiency condition.Accounting conservatism has two sides' influences on the allocation efficiency of technology capital.It can relieve excessive technology capital allocation and will also exacerbate the lack of technology capital allocation.The relationship between the two is different under different property rights,market processes and industries.